ED Reveals Links Between Karuvannur Bank Fraud Main Accused and CPM, Presents Evidence in Court

In the ongoing investigation into the Karuvannur bank fraud case, the Enforcement Directorate (ED) has asserted that the primary accused, P. Sathish Kumar’s money transfers through Devi Financers served as a funding agency for the Communist Party of India (Marxist) [CPM]. This revelation came during a court hearing where ED opposed the bail applications of Sathish Kumar and C.K Jilse, both accused in the case.

As the investigation progresses, the ED has presented documents and testimonies indicating that CPM leaders and others received funds from Devi Financiers. Notably, former CPM leader Aravindakshan’s statement implicated Left convenor E.P Jayarajan, former MP P.K Biju, former minister A.C Moideen, and Deshabhimani newspaper in allegedly receiving money from Devi Financiers.

While Aravindakshan’s statement mentioned meetings with Sathish Kumar and Jayarajan during the latter’s tenure as a minister, it did not clarify whether any money transfers occurred during these interactions. According to reports, ED has found documents confirming that Deshabhimani newspaper received Rs 18 lakh each in October 2015 and January 2016 from Devi Financiers, a claim admitted by Sathish Kumar during interrogation.

The unfolding developments add to the controversy surrounding the CPM, as the ED delves deeper into the Karuvannur bank fraud case.